Every year thousands of households in the UK that will have to pay tax on their estate, so what’s the best way to avoid inheritance tax?
If you’re administering an estate of someone who has died, how do you obtain probate?
Is it possible to retrospectively minimise an estate’s tax liabilities?
Inheritance Tax receipts reached a record high of £5.2 billion in the 2017/18 tax year according to figures published by HM Revenue & Customs, despite the introduction of a new residence nil rate band (RNRB).
Families are becoming increasingly more complex, often shaped by divorces, remarriages and children from previous relationships. This can make estate and trust planning a challenge to navigate around if an individual has strong feelings about those they would like to inherit their assets and those they wouldn’t.
Effective estate and trust planning could save your family a potential Inheritance Tax liability amounting to hundreds of thousands of pounds. Inheritance Tax planning has become more important than ever following the Government’s decision to freeze the £325,000 Nil Rate Band lifetime exemption, with inflation eating away at its value every year and subjecting more families to Inheritance Tax.